Alteia, the European leader in vision AI and industrial software innovation, announces today that it closed its latest funding round led by Wa’ed Ventures, the venture capital arm of Saudi Aramco.
Through this investment, Alteia will increase its presence in the Kingdom of Saudi Arabia by opening an office in Dhahran to support some of the leading industrial companies in the MENA region, and develop and deploy industrial vision-based solutions. The company also aims to consolidate its position as a key global player in vision AI by investing massively in research and development, targeting predictive maintenance and asset management applications in the energy sector.
“This transaction demonstrates the strong interest in Alteia’s technology and affirms its leading position in the ecosystem of enterprise AI software companies. It comes in addition to the investment made from leading global technology investor Intel Capital and demonstrates the growing interest in vision AI, as 80% of organizations will leverage some form of computer vision by 2023 to monitor their activities,” says Michael De Lagarde, President and CEO of Alteia.
"Our investments in deep tech companies have always centralized around a core focus, which is to cultivate the growth of technological applications that have global impact,” says Fahad Alidi, Managing Director at Wa’ed Ventures. “Alteia has demonstrated incredible capability to translate complex data into real time insights, optimizing high-value asset maintenance thanks to the combination of visual and sensor data.”
Examples of Alteia’s operations include prediction of sand encroachment over pipelines, complex construction project monitoring, digital inspection of critical assets and automated detection of failures or issues, change detection leveraging satellite imagery, and other high-value applications the company intends to introduce to the region.
“To have the world’s leading energy company invest in Alteia through its investment arm is a strong show of faith in our trajectory, and weighs in the value of contextualized, actionable visual data as the foundation to shape a more efficient, more sustainable industrial future,” says Benjamin Benharrosh, CBO and co-founder of Alteia.
Alteia is an operating system for visual data at an industrial scale. By processing and analyzing visual data coming from various types of sensors, Alteia enables companies to optimize their operational performance and create or maintain their competitive advantage, making their business safer, more sustainable and more efficient.
The platform developed by Alteia allows to solve complex industrial problems at scale thanks to artificial intelligence and to generate predictions in various fields: network maintenance, manufacturing, agriculture, forestry and equipment inspection. For more information please visit: www.alteia.com
About Wa’ed Ventures
Wa’ed Ventures is a $200 million institutional venture capital firm wholly owned by Saudi Aramco to promote economic diversification and new business growth in the Kingdom by investing in high-growth tech startups across multiple sectors. Established in 2013, Wa'ed Ventures manages a portfolio of 40+ startups, providing end-to-end support to startups from funding to providing access to partner resources. The company is located in the city of Dhahran, Saudi Arabia. For more information, please visit: www.waed.net